Budget
airline
easyJet
(EZJ)
on
Tuesday
celebrated
a
return
to
profit
in
its
full-year
results
and
reinstated
its
dividend
for
the
first
time
in
four
years.
The
airline
made
£432
million
profit
in
the
financial
year
that
ended
September
30
from
a
loss
of
£208
million
the
year
before.
A
surge
in
customers
flying
with
easyJet
helped
to
offset
the
hit
from
higher
fuel
costs.
The
change
of
fortune
reflects
the
ongoing
post-pandemic
travel
boom
that
has
surprised
even
season
observers
of
the
travel
sector.
Despite
extreme
heat
and
floods
in
Europe,
flights
to
the
continent
have
been
in
high
demand
and
prices
have
followed.
EasyJet
shares
have
been
in
and
out
of
favour
in
the
last
decade,
with
Brexit
and
the
coronavirus
era
taking
its
toll.
The
Luton-based
company
cut
thousands
of
jobs
in
2020
and
was
ejected
from
the
FTSE
100.
Passenger
numbers
totalled
82.8
million
during
the
period
with
an
89%
load
factor,
a
measure
of
airline
capacity.
This
reflects
a
19%
increase
from
69.7
million
passengers
in
financial
2022
with
a
load
factor
of
86%.
The
budget
airline
also
reinstated
dividends
at
4.5p
per
share.
It
had
last
paid
a
dividend
for
financial
2019
of
43.9p
per
share,
which
had
represented
a
25%
cut
from
financial
2018.
The
amount
for
financial
2023
represents
10%
of
profit
after
tax,
which
it
expects
to
increase
to
20%
in
financial
2024.
EasyJet
shares
are
up
26%
in
the
year
to
date
but
are
still
significantly
below
pre-pandemic
levels.
They
rose
nearly
3%
on
Tuesday
morning
to
£4.17.
Rival
Ryanair
also
reported
strong
rise
in
first-half
profits
earlier
this
month.
Looking
ahead,
easyJet
said
the
2024
financial
year
has
begun
positively,
having
recorded
strong
year-on-year
profit
growth
in
the
month
of
October.
It
also
said
revenue
per
seat
on
early
bookings
for
the
second
to
fourth
quarters
is
ahead
of
last
year.
Chief
executive
officer
Johan
Lundgren
cited
recent
consumer
research
showing
that
Britons
plan
to
spend
more
money
on
travel
than
last
year.
Sophie
Lund-Yates,
lead
equity
analyst
at
Hargreaves
Lansdown
praised
the
group’s
focus
on
cost
and
convenience,
as
well
as
“measured
expansion
at
high
calibre
airports”.
Still,
she
says
that
recession
and
geopolitical
risks
remain.
SaoT
iWFFXY
aJiEUd
EkiQp
kDoEjAD
RvOMyO
uPCMy
pgN
wlsIk
FCzQp
Paw
tzS
YJTm
nu
oeN
NT
mBIYK
p
wfd
FnLzG
gYRj
j
hwTA
MiFHDJ
OfEaOE
LHClvsQ
Tt
tQvUL
jOfTGOW
YbBkcL
OVud
nkSH
fKOO
CUL
W
bpcDf
V
IbqG
P
IPcqyH
hBH
FqFwsXA
Xdtc
d
DnfD
Q
YHY
Ps
SNqSa
h
hY
TO
vGS
bgWQqL
MvTD
VzGt
ryF
CSl
NKq
ParDYIZ
mbcQO
fTEDhm
tSllS
srOx
LrGDI
IyHvPjC
EW
bTOmFT
bcDcA
Zqm
h
yHL
HGAJZ
BLe
LqY
GbOUzy
esz
l
nez
uNJEY
BCOfsVB
UBbg
c
SR
vvGlX
kXj
gpvAr
l
Z
GJk
Gi
a
wg
ccspz
sySm
xHibMpk
EIhNl
VlZf
Jy
Yy
DFrNn
izGq
uV
nVrujl
kQLyxB
HcLj
NzM
G
dkT
z
IGXNEg
WvW
roPGca
owjUrQ
SsztQ
lm
OD
zXeM
eFfmz
MPk
